Un­ex­pected drop in mort­gages

Yorkshire Post - Property - - PROPERTY -

MORT­GAGE ap­provals fell un­ex­pect­edly in June and now stand at 20.5 per cent lower than a year ago.

The British Bankers’ As­so­ci­a­tion said that the num­ber of new mort­gages ap­proved in June fell to 26,269, down from 29,567 in May. An­a­lysts had expected mort­gage ap­provals to rise to about 31,400 in June. The value of new mort­gages lent for house pur­chase also fell, down from £4.7bn in May to £4.2bn, and lower than the six-month av­er­age of £5.1bn.

Sta­tis­tics di­rec­tor David Dooks blamed hol­i­days and wet weather for putting a damp­ener on mort­gage ap­provals and said that pay­ing off loans and build­ing up de­posits had be­come the am­bi­tion for con­sumers.

Newspapers in English

Newspapers from UK

© PressReader. All rights reserved.